Solareast Holdings (SHSE:603366) Shareholders Are Still up 278% Over 5 Years Despite Pulling Back 15% in the Past Week
Solareast Holdings (SHSE:603366) Shareholders Are Still up 278% Over 5 Years Despite Pulling Back 15% in the Past Week
It's been a soft week for Solareast Holdings Co., Ltd. (SHSE:603366) shares, which are down 15%. But in stark contrast, the returns over the last half decade have impressed. We think most investors would be happy with the 251% return, over that period. To some, the recent pullback wouldn't be surprising after such a fast rise. The more important question is whether the stock is too cheap or too expensive today.
最近一週,日出東方股份有限公司(SHSE:603366)的股票表現較爲疲軟,下跌了15%。但在過去五年中,其回報率卻令人印象深刻。我們認爲大多數投資者會對這一期間的251%回報感到滿意。對於一些人來說,在如此快速的上漲之後,最近的回調並不令人感到意外。更重要的問題是,目前這隻股票是太便宜還是太昂貴。
Since the long term performance has been good but there's been a recent pullback of 15%, let's check if the fundamentals match the share price.
由於長期表現良好,但最近回調了15%,我們來檢查一下基本面是否與股票價格相符。
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
引用巴菲特的話,『船隻將環繞世界航行,但平面地球學會將蓬勃發展。市場上價格和價值之間將繼續存在巨大差異……』通過比較每股收益(EPS)和股票價格變化,我們可以了解投資者對公司的態度是如何隨着時間變化的。
During the last half decade, Solareast Holdings became profitable. That kind of transition can be an inflection point that justifies a strong share price gain, just as we have seen here.
在過去的五年中,日出東方開始實現盈利。這種轉變可能是一個拐點,證明了強勁股價上漲的合理性,正如我們在這裏看到的。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下圖顯示了EPS隨時間變化的情況(點擊圖像以顯示確切值)。

Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.
在買入或賣出股票之前,我們總是建議仔細審查歷史增長趨勢,詳情請見這裏。
What About Dividends?
關於分紅派息的問題
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Solareast Holdings' TSR for the last 5 years was 278%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股價回報外,投資者還應該考慮總股東回報(TSR)。而股價回報僅反映了股價的變化,TSR則包括了分紅的價值(假設這些分紅被再投資了)以及任何折扣融資或分拆的好處。因此,對於那些支付慷慨分紅的公司而言,TSR往往要高於股價回報。巧合的是,日出東方在過去五年的TSR爲278%,超過了前面提到的股價回報。公司支付的分紅因此提高了總股東回報。
A Different Perspective
不同的視角
It's good to see that Solareast Holdings has rewarded shareholders with a total shareholder return of 165% in the last twelve months. Of course, that includes the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 30% per year), it would seem that the stock's performance has improved in recent times. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. For example, we've discovered 3 warning signs for Solareast Holdings (1 is a bit concerning!) that you should be aware of before investing here.
很高興看到日出東方在過去十二個月中給股東帶來了165%的總股東回報。當然,這包括了分紅。由於一年期的TSR優於五年期的TSR(後者爲每年30%),這似乎表明該股票的表現最近有所改善。持樂觀態度的人可能會將最近TSR的改善視爲業務本身隨着時間的推移而變得更好的跡象。我發現從長期來看,觀察股價作爲業務表現的一個代理指標非常有趣。但要真正獲得洞察,我們還需要考慮其他信息。例如,我們發現了日出東方的三個警告信號(其中一個有點令人擔憂!),在這裏投資之前你應該留意這些。
If you are like me, then you will not want to miss this free list of undervalued small caps that insiders are buying.
如果你像我一樣,那麼你一定不想錯過這份內部人士正在購買的被低估的小型股免費名單。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Chinese exchanges.
請注意,本文中引用的市場回報反映了目前在中國交易所交易的股票的市場加權平均回報。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall St的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均沒有持倉。